I've been out of archery for a while but I just got back into training for FITA for that last 3 months and I got my old game back. I decided i was confident enough to take deer or boar at 40 yards with my Martin Jaguar TD recurve but I am not sure if I'll get enough penetration. It's 45LB and my arrows are 500 grains cut on contact 2 blade broadheads will this still have enough kinetic energy at 40 yards for good penetration?

I would say you have enough for deer but hogs may be a different story. I am just assuming and being gererous that your arrow speed is 175 fps. Given your 500 gr arrow that would give you a touch over 34 ftlb of energy (a short distance from the bow). At 40 yds that KE will be somewhat less. Here is the site to give you all the info you need.
http://www.bowsite.com/bowsite/featu...tion/index.cfm

I want to shed some more light on this now that I think about it. That heavy arrow of yours is going to take a lot to stop it. And if your BHs are razor sharp you might get sufficient penetration to kill a decent size boar. Provided you don't hit bone. But I wouldn't expect a pass through. Back in my younger days (pre-compound) I shot my share of deer with a Bear Grizzly 40# recurve. But my shots were always <20 yds.